A note of humility would have been order from Hammerson’s board after the humiliation of the non-takeover of shopping centre rival Intu, a £3.4bn deal that had to be abandoned because the group’s own shareholders were in revolt. Instead, chief executive David Atkins & co breezed on as if nothing had happened. Hammerson is a “best-in-class” and “dynamic” property company, apparently, and is now adopting a “decisive” strategy of flogging all its out-of-town retail parks.

The flattering self-assessment overlooks a few points about the new approach. First, it would have been better to flee from retail parks several years ago, before the likes of Toys R Us and Maplin went bust. Second, liquidating assets worth £1.1bn by the end of next year cannot be described as a game-changer for a group with a property portfolio worth £10.6bn.

Third, the other half of the new strategy isn’t really new. Shrinking the presence of department stores within the shopping centres by 25% sounds like a case of following retailing trends that are happening anyway. Meanwhile, a planned extension to the Brent Cross centre in north London is being put on hold, which is presumably an example of the board sitting decisively on its hands, or being encouraged to do so by development partner Aberdeen Standard Investments.

The supposed prize for shareholders is the release of £300m to be spent buying back shares that currently trade at 529p. That is clearly a good use of cash if you believe the assets are worth 776p a share, which is the official valuation. The trouble is, outsiders’ faith in Hammerson’s ability to close the gap quickly is not high. Despite Hammerson’s protestations about its powers to create “experience led destinations”, investors just worry that the next round or rental renewals will arrive at lower levels in the current soggy retail market.

Klépierre of France is free to return with another takeover offer once the six-month cooling-off period expires in September. Hammerson’s board rebuffed the last approach at 635p a share and made itself doubly unpopular with some shareholders. One fancies Klépierre’s chances if were to come back at, say, 650p. Loyal investors are thin on the ground at Hammerson.

How to make a (Superdry) clean break

Some founders hang around, never fully letting go of their creations. Others make a clean break and head for the hills. Julian Dunkerton of Superdry is in the latter camp. He announced his plan to quit in March, actually did so a few days later, and has now sold a quarter of his shareholding for £71m.

Dunkerton got £12.85 a share, or 6% below Monday’s closing price, or 17% less than the price on the day he left. Is that a judgment on Superdry’s valuation? It’s impossible to say since Dunkerton is not obliged to say a thing. It could be simple portfolio diversification. Or maybe he wants to invest in his other ventures, including a cider business and a Cotswold-based chain of hotels and pubs.

Whatever the explanation, the market should not be taken by surprise again. Dunkerton’s lock-up agreement lasts only 90 days, meaning he is free to sell any portion of his remaining 18.5% stake any time from late October. He could do nothing, of course, but his pursuit of a clean break is clear enough. It’s also admirable in a way: he’s not the main player any more, a point other founders too often fail to admit.

Just the tonic for Aim

See, investment miracles do happen on the Alternative Investment Market (Aim), the often-derided junior stock market. Tonic firm Fever-Tree is now worth £4.5bn. File it alongside online retailer Asos, valued at £5.1bn, and biotech firm Hutchison China Meditech at £3.3bn. You could have made a fortune in all these firms by buying at flotation.

None, incidentally, has plans to move up to the main market, which is probably what the London Stock Exchange wants to hear. Calamities happen too often on Aim. The likes of Fever-Tree are an excellent advertisement that the system sometimes works.